(CNN) -- England all-rounder Andrew Flintoff has been ruled out of the World Twenty20 next month and faces a race against time to prove his fitness for the Ashes series against Australia.

Flintoff's lucrative spell in the IPL was cut short by a knee injury.

The injury-plagued Flintoff damaged his right knee while playing for Chennai Super Kings in the Indian Premier League a month ago, but there were high hopes he would be fit for the tournament which starts on June 5.

The 31-year-old has been replaced in the squad of hosts England by young Yorkshire leg-spinner Adil Rashid, who has yet to play a senior international game.

A statement by the England and Wales Cricket Board (ECB) on Wednesday said that Flintoff was making an "excellent recovery" but would not be risked.

"After discussions with his surgeon we have decided that he should continue the remainder of his rehabilitation with physio Dave Roberts, who has overseen his previous rehabilitations," it added.

Flintoff was England's key player when they won the Ashes against Australia in 2005 in one of the greatest series in cricket history.